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Petropavlovsk cuts gold output guidance; Q2, H1 production falls YOY

Petropavlovsk PLC revised its full-year gold production guidance to about 400,000 to 410,000 ounces from 420,000 to 460,000 ounces as it excluded Pokrovskiy POX production from full-year estimates.

Cash costs are expected to be 15% to 20% higher than the previous guidance of US$700/oz to US$750/oz due to the "suboptimal organization" of mining works in the first half, the company said July 30.

Petropavlovsk pushed the commissioning of the POX plant, which had been expected in the fourth quarter, to December due to disruptions and instability in the first half.

The guidance revisions came after new CEO Pavel Maslovskiy launched a full operational review, which revealed recent disruptions to mining operations. Measures to mitigate the disruptions are being developed and implemented, the company said.

Petropavlovsk's gold production in the second quarter dropped to 88,800 ounces, compared to 114,300 ounces in the year-ago quarter.

Gold output in the first half declined 13% year over year to 201,400 ounces due to lower grades processed and a decrease in the contribution from gold in circuit.

Meanwhile, the Russian gold miner appointed Alexey Dubynin, who has been serving as the group financial controller since April 2013, as CFO and appointed Bektas Mukazhanov as a nonindependent nonexecutive director July 27.